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Gold (XAU/USD) climbs to yet another record high on Wednesday as risk sentiment deteriorates across global markets, driving investors toward safe-haven assets amid rising geopolitical and economic uncertainty. At the time of writing, XAU/USD is trading around $4,866, after hitting a fresh all-time high near $4,888 earlier in the European session. The metal’s bullish run shows little sign of slowing, with prices up more than 6% so far this week after US President Donald Trump reignited trade tensions with the European Union over control of Greenland. The renewed rhetoric has raised fears of a broader trade war, with speculation growing that Europe could weaponize its vast holdings of US stocks and Treasuries, fueling “Sell America” sentiment. The risk-off tone has been reinforced by turmoil in Japan’s sovereign bond market, where a sharp sell-off pushed long-dated yields to multi-decade highs and rattled global debt markets, including US Treasuries. Ongoing volatility across bond markets is stoking concerns about the fiscal health of major economies, boosting demand for Gold as a hedge against macro and financial instability. Market movers: Trade war fears dominate markets as US-EU tensions escalate US-EU tensions remain front and center after President Donald Trump threatened fresh tariffs on eight European nations, saying a 10% levy would be imposed from February 1 and raised to 25% in June unless “a deal is reached for the complete and total purchase of Greenland.” European leaders have pushed back against the tariff threats, reaffirming that the bloc stands ready to deploy countermeasures if needed. Attention has also turned to Europe’s large holdings of US assets, estimated at around $10 trillion, which some analysts say could be used as economic leverage if tensions escalate. On Tuesday,  Danish pension fund AkademikerPension said it would sell off its holding of US Treasuries, worth about $100 million by month-end,…

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Filed under: News - @ January 21, 2026 1:28 pm